October Class III Futures Tumble 51 Cents

The October Class III contract fell to $18.50 per hundredweight, losing 51 cents. Fourth quarter Class IV futures decreased to $18.81 per hundredweight, down 12 cents.

Spot blocks were unchanged at $1.9250 per pound, with zero lots trading. Barrels remained at $1.8275 per pound, with no loads changing hands.

October “all cheese” futures dipped to $1.9500 per pound, easing by $0.0320.

Spot butter held steady at $2.6800 per pound, with zero lots exchanged.

Fourth quarter butter contracts settled at $2.6499 per pound, shedding four cents.

Spot NDM was unchanged at $1.1000 per pound, with no loads trading.

December NDM futures advanced to $1.1398 per pound, up $0.0033.

Spot dry whey dipped to $0.2950 per pound, giving up $0.0075, with nine lots changing hands.

Fourth quarter dry whey contracts slipped to $0.3287 per pound, $0.0131 lower.

September corn futures rose to $4.7125 per bushel, gaining $0.0275. The September soybean contract climbed to $13.5250 per bushel, three cents higher.

FROM THE TRADING DESK: The week started with red and weakness in most futures markets, with Class III dropping sharply. We are starting to see some cheese hedging activity out on the 2024 curve. In Chicago, spot dry whey was the only product to see any trade or price movement, giving up less than a cent.